Latest Key Developments (Source: Significant Developments)

: Buyout group CVC to acquire between 10-20 per cent of pension insurer PIC, which would value the business at around 2 bln pounds - FT . RBS is understood to be selling its 4.3 per cent to CVC in the deal- FT Source http://on.ft.com/2kuc2kk ((Bangalore.newsroom@thomsonreuters.com;)).
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Royal Bank Of Scotland : Royal bank of scotland group plc successfully priced $2.65 billion additional tier 1 capital notes .Net proceeds of approximately usd 2,623,500,000 will be used for general corporate purposes..
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Royal Bank Of Scotland : Net interest margin (nim) of 2.18% for h1 2016 was 4 basis points higher than h1 2015 . An operating loss of £695 million in q2 2016 compared with an operating profit of £224 million in q2 2015 and £421 million in q1 2016. . In march 2016 rbs made a £4.2 billion payment into royal bank of scotland group pension fund, being an accelerated payment of existing committed future contributions . Net lending in commercial banking increased by £7.9 billion in h1 2016, 17% growth on an annualised basis. . Rbs will instead prioritise exploring alternative means to achieve divestment. . Restructuring costs are expected to remain high in 2016, totalling over £1 billion. H1 2016 restructuring charge was £630 million, of which £345 million related to williams & glyn. . Capital resolution disposal losses of approximately £1.5 billion . We continue to deal with a range of uncertainties in external environment and we will also have to manage conduct-related investigations and litigation, including us rmbs, throughout 2016, and substantial related incremental provisions may be recognised during remainder of year . Impairment charge of £264 million in relation to shipping portfolio. . Adjusted return on equity across pbb, cpb and cib was 11% for both h1 2016 and q2 2016. Across pbb and cpb, net lending grew by 15% on an annualised basis in h1 2016..
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Royal Bank of Scotland Group PLC:Britain's Financial Conduct Authority has asked 20 banks and other financial firms to check if they have any ties to Panama law firm Mossack Fonseca, the regulator said on Thursday. - RTRS.A massive leak of documents from the firm released this week detailed how the world's rich skipped through loopholes to park cash in low-tax jurisdictions.Recipients of the letter have been given until April 15 to respond to the disclosure request. More than 500 banks, their subsidiaries and branches registered nearly 15,600 shell companies with Mossack Fonseca, according to the International Consortium of Investigative Journalists (ICIJ).HSBC, and its affiliates created more than 2,300 in total, the ICIJ says.HSBC has dismissed suggestions it actively used offshore structures to help clients cheat on their taxes.The bank has said the documents from Panama pre-dated a thorough reform of its business model.Spokespeople for HSBC and Barclays BARC.L declined to comment on the FCA correspondence. RBS and Standard Chartered both said they were reviewing their operations and co-operating fully with regulators on the issue.News of the FCA's letter follows calls from Conservative lawmaker and chairman of Britain's Treasury Select Committee, Andrew Tyrie, for a thorough investigation of the trove and prosecutions "wherever possible".
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Royal Bank of Scotland Group PLC:Royal Bank of Scotland is cutting 448 investment banking jobs in the UK, moving two-thirds of them to India - theguardian.The bank, 73% of which is owned by the taxpayer, said it would cut back- and middle-office roles in its investment bank, including a small number of technology jobs.Under its chief executive, Ross McEwan, RBS has been shrinking the division to focus on its personal and small business operations in the UK and Ireland.About 300 jobs will go offshore, to an existing RBS operation based in Gurgaon, near Delhi, and Chennai in southern India.London and Newcastle-under-Lyme will bear the brunt of the cuts, along with Manchester. The layoffs will happen by the end of next year.The move comes just days after RBS announced it would lay off 550 investment advisers , replacing them with an automated system that will offer advice based on customers responses to a series of questions.The bank, which was bailed out during the financial crisis, reported a £2bn loss for 2015, its eighth annual loss in a row.
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LONDON The story dated Sept. 22 and headlined "Litigation costs to rub salt in RBS investor wounds" is withdrawn. Reuters is withdrawing this story to avoid leaving any readers with a misimpression about the litigation costs related to the case.

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